British pound ceased to be an acceptable means of exchange in Nigeria in 1973 after the Nigerian Naira was introduced. So, if you’re planning to travel or send money from Britain to Nigeria, you will be required to convert your currency from British pounds to Nigerian Naira before you can actually transact or proceed with the sending of money. Also to note, the exchange rate between the British pound and Nigerian Naira keeps on fluctuating by going slightly above or below N700 Naira for one British pound. But before we look at how to convert British pounds To Naira, let’s look at the Naira in great detail.
To start with, the code for Nigerian Naira is NGN. In addition to that, the Naira is broken down into 100 Kobo and, both the Kobo and the Naira have no plural nor singular forms but instead remain the same in both cases. The Naira completely replaced the sterling pounds in 1976 and has been the acceptable means of exchange in Nigeria ever since.
How To Convert British Pounds to Naira
Coins and Bank Notes
Just like the currency in any other country, the Naira has both coins and notes. The coins are divided into three denominations – I Naira, 2 Naira and 50 Kobo. Bank notes, on the other hand, are availed in 8 different denominations: 1000 Naira, 500 Naira, 200 Naira, 100 Naira, 50 Naira, 20 Naira, 10 Naira and lastly, 5 Naira. The larger denominations are not used often when compared to their smaller counterparts.
You can choose to exchange your money in the different exchange facilities, which may also include hotels, or in the banks. The exchange rate is usually determined by the government and it’s always above 200 Naira for one pound. You’re, however, advised not to exchange your money in the black market as it’s not only dangerous but also illegal in Nigeria.
Additionally, credit cards are barely accepted by most businesses in Nigeria because of fraud, and you’ll be expected to present cash every time you decide to buy something. Similarly, if you have a traveller’s check, then you can only exchange it from the big banks in Nigeria and most of them are found in the big cities.
Steps for Converting Money from British Pounds to Naira
1. First, set aside all the money that you intend to convert from British pounds to Naira. Start by working out your budget and see how much you’re ready to spend in Nigeria before you can proceed to the next step.
See Also: How To Convert Nigerian Naira to US Dollars
2. You can now open the ‘coin mill currency converter’ site, by simply searching the site in the search engines before clicking on the first link that pops up. Open the currency calculator and set it to convert from British pounds (GBP) to Nigerian Naira (NGN). You can now enter the amount that you want to exchange in the British pound column before clicking on the ‘convert’ link. You will be presented with the total amount of Naira that you’re supposed to be given after you’ve exchanged the money.
3. Go ahead and confirm the exchange rate by checking out a site that frequently updates the exchange rates – an example is the exchange rates site. Then use a calculator to calculate the amount that you’re supposed to get after converting your money.
4. Before you decide to convert your money from anywhere else, first talk to your bank to see if they deal with foreign conversions. If they do, then go ahead and change your money to Naira. It’s advisable to convert your money from a bank as they charge a smaller fee when compared to the other currency exchanging facilities. They’re also at par with the current exchange rates hence more appropriate if you want to avoid exchange rate losses. You will be charged a small fee for this service and to avoid being charged several times, then convert all the money that you need once instead of doing it in bits.
Bonus: How To Convert US Dollars to Naira
To conclude, it’s better to exchange all your money in your home country before traveling to Nigeria. This is because it’s way safer and easier to exchange your money from Europe than it is in Nigeria. In addition to that, try to avoid using street vendors to exchange your money as most of them are actually conmen and may give you fake money, let alone exchanging your money at the lowest rates.